How wearables can both improve customer experience in branches

and enhance network sales effectiveness ?

Yvon MOYSAN, Saint Germain Consulting & IESEG School of Management

EFMA Distribution Summit 201527th of March 2015

Internet of Things: key metrics

• In 2015

4.9 Billions Connected "Things" will be in use, up to 40% from 2014 (1).

• By 2020

This number will reach 30 billions (1)

(1): Source: Gartner (Nov.2014)

Customers expectations and fears

• Smartwatches (1) and Fitness trackers (2) are considered as the

most useful wearables

• High price (54%), privacy (31%), look (13%), comfort (13%) and health risks (10%) are the main reasons not to buy wearable technology

(1): Source: Forrester Research (2): Source: Deloitte (Oct. 2014 )

How wearables can improve customer experience in

branches ?

Examples

Barclay: iBeacon to assist disabled customers s

• The trial takes place in Sheffield

• An application on customers' iPhones to notify staff members

when a customer with a disability has entered the branch

and if they require any extra assistance.

Main features

Barclays introduce iBeacon technology to assist disabled customers with in-branch banking

“Beacons are the latest in a long line of innovative initiatives from

Barclays designed to make our customers lives easier, which is

particularly important for people with non-visible disabilities –

something our customers have told us is an issue.”

Elaine Draper, Barclays director of accessibility and inclusion

Dec 2014

« […] iBeacon […] has the potential to dramatically change the

service experience in Australian banking»

Dhiren Kulkarni, CIO St. George Bank

St George Bank: the choice of the banker

iBeacon sensors to detect bank customers

• Send a welcome message and personalised information

directly to a customer’s iPhone when they enter a

branch

• Customer can choose to talk to a dedicated banker

or to decline any help

Main features

Mai 2014

“When our customers walk into a branch, on an opt-in basis

we can identify who they are without them having to

identify themselves. That recognition is important.”

Westpac's chief digital officer Simon Pomeroy

Westpac: iBeacon to send dedicated offers to customers

iBeacon as an opportunity to add another dimension to customer service

• Special offers and other incentives sent to customers when they are

in or walk past a branch

• Alerts staff that a customer has arrived for a pre-ordered item and

can remind the customer that they are in a place that has an item on

their digital shopping list.

• Customers who want faster recognition can upload their photo onto

the mobile application (iBeacon is an opt-in service)

Main features

Fev 2014

AKBANK: iBeacon to withdraw money from ATM without any bank card

• Customers simply launch the Akbank Direkt Mobile App, enter the

amount they wish to withdraw, and walk up to an iBeacon-

enabled Akbank ATM.

• Once the app has detected the ATM, the customer simply presses

the "1" key on the ATM keypad and the amount requested is

delivered to the cash drawer.

Main features

Cash Withdrawal with iBeacon

« Using their iPhone, Akbank customers can now withdraw

money in a couple of seconds from our ATMs, which are

iBeacon-enabled, without any need for their bank card or

their reference code.».

Orkun Oğuz, Executive Vice President in charge of Direct

Banking at Akbank

Jul 2014

How wearables can enhance network sales effectiveness ?

Examples

3rd Most Promising Idea. EFMA Accenture Distribution et Marketing Awards. 15th october 2014 in Barcelona

Crédit Mutuel Arkéa: alerts to staff in real time that a customer has arrived

Déc 2014

• A mobile app for customers to be detected by the beacon

sensor located into the branch

• Alerts staff in real time that a customer has arrived and the

reason of the meeting

Main features

iBeacon technology to improve customer experience

into the branch

Oculus Rift test at Wells Fargo’s Digital Labs

• Customers could use an Oculus Rift virtual-reality headset to virtually walk

into a bank branch and talk to a teller.

Main features

Wells Fargo: Google Glass to authenticate customers

« We’ll have to see how society reacts, when we see a trend, we

want to be ready »

Jim Smith, EVP virtual channels

Oct 2014

Google Glass test at Wells Fargo’s Digital Labs

• Personal bankers would be able to authenticate customers by facial

recognition (customers opt-in required) and have access to their personal

informations

Main features

To provide a transparent assistance in real time to personal bankers

Banque Populaire: commercial assistance to personal bankers

A google Glass App for personal bankers

• Alerts staff that a customer has

arrived

• Provide access to customer

information in real-time to

suggest the more adapted

products & services to customer.

• Camera is used to take pictures

and register official

documents (ID card).

• Access to competitors credit

rate (car loans)

• Cross selling proposals will

appear (e.g. car insurance after

car loan)

In progressMain features

Mars 2014

How wearables can both improve customer experience in branches and enhance network sales effectiveness ?

• Improve and facilitate customer recognition to provide a better customer experience (e.g. disabled customers).

• Offer the choice of the banker the customer wants to talk with depending on its needs

• Send dedicated offers to customers

• Withdraw money from ATM without any bank card

• Alert staff in real time that a customer has arrived

• Authenticate customers with facial recognition

• Provide a transparent commercial assistance in real time to personal bankers

Extract from the survey:

Internet of Things:International Banking and Insurance wearable apps

- More than 150 slides- More than 70 initiatives analysed in more than 20 countries

- For more information, visit our website:http://www.saintgermainconsulting.com/en/etudes

Saint Germain Consulting

Yvon MOYSAN

yvon.moysan@saintgermainconsulting.com

Tél: 06 62 84 71 00

www.saintgermainconsulting.com

Questions and Answers ?

Internet of Things: international Banking and Insurance wearable apps

• Glasses, watches, wristbands, virtual reality headset, iBeacon or even wearable suits… Which bank or insurer have already launched a wearable app and why? What are the features of these apps dedicated to customers or employees? What are customers’ needs and expectations? What are customers’ fears? What are primary customers’ uses ? What are the app features that banks and insurers have already abandoned? What are the future app features or devices that banks and insurers expect to focus on? What are the Internet of Things key figures and projected trends?

• This study includes more than 150 slides and covers the major wearables app that banks and insurers have developed so far. More than 70 of them are indeed analyzed. The objectives of the bank or the insurer are presented and illustrated by CEO or Digital Marketing Director verbatim, the main current and future features of the app and first customers’ feedbacks are detailed. In addition, the study includes several relevant links to press articles and videos illustrating the bank or insurer wearable app.

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For more information regarding this study, please send an e- mail to yvonmoysan@saintgermainconsulting.fr

PURCHASE ORDERPlease send it by e-mail to yvon.moysan@saintgermainconsulting.com or by mail to

Saint Germain Consulting Yvon MOYSAN 37, Rue Saint André des Arts 75006 Paris France

Internet of Things: international Banking and Insurance wearable apps. January 2015. (PDF version)

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